5. Close Your Loan

FAQ

How do I temporarily lift a credit freeze?

You can request a lift over the phone or online within about 15 minutes. However, credit reporting agencies legally have up to three business days to lift a freeze. Here’s the information for the credit agencies to make it easier for you to request the lift.

Equifax
This will open in a separate page.
1-800-685-1111 (NY residents: 1-800-349-9960)

You can still make changes to your loan once you’re approved. Keep in mind that changing certain loan details might change the other terms of your loan, such as your rate.

What happens next?

Once you’ve found a solution that works for you, it’s time to see if you’re approved for it. This is where we’ll look at all the information you provided and the solution you selected to see if we can approve the loan. If you’re approved, the next step is to lock your rate.

Customize Your Rate, Costs and Term

Don’t like what you see? You can customize your solution to fit your needs in the section below. Check out this video to learn more about customizing your solution to fit your needs.

Fixed Rate/APR

Your interest rate is the rate you’ll pay on your loan balance. The rate you choose will impact your closing costs. As your rate goes up, your closing costs will go down.
The annual percentage rate (APR) is an interest rate that tells you more about the actual cost of the loan. For example, if you’re paying discount points upfront to get a lower rate and monthly payment, the APR will include the cost of those points. That’s why the APR is sometimes considered the true cost of the loan.

Liens Being Paid Off

These are the liens you indicated you wanted to pay off with this loan. If you see something you didn’t expect, we may have had to change which liens are paid off or subordinated to show you a solution.

Estimated Closing Costs

Closing costs are fees that are associated with closing your loan. The amount listed here isn’t what you’ll be required to bring to closing; you can find that amount in the Cash Due at Closing section.
If you want to see a breakdown of your closing costs, look at the New Loan Amount section below.

Cash Due at Closing

This is the amount you’ll need to bring to the closing table. The amount is $0 because we’ve rolled your closing costs into your loan amount.

Lender and Third-Party Fees

The amount here can include things like your appraisal fee and title insurance. This number is an estimate, but we’ll be able to give you final numbers as you move forward.

Discount Points

A point (or discount point) is an upfront fee paid to lower your interest rate. Each point costs 1% of the total loan amount. For example, on a $200,000 loan, one point costs $2,000. Paying points can lower your monthly payment and help you save on interest over the life of your loan.

VA Funding Fee

A VA funding fee is a one-time cost associated with obtaining a VA loan. The funding fee helps offset the cost to taxpayers of administering the loan.

Upfront Mortgage Insurance Premium

If you get an FHA loan, you’ll be required to pay a mortgage insurance premium. However, we roll this cost into your loan so you don’t have to pay it out of pocket at closing.

Estimated Escrow Account Funds

An escrow account is a dedicated account where your money is held so we can pay your property taxes and insurance premiums on your behalf. Including these funds ensures there’s enough money in your escrow account to pay tax and insurance bills as they come due.

Estimated Per Diem Interest

Per diem interest is accrued daily between closing and the date your first mortgage payment is due.

Interest Rate Lock Period

Once you’re approved, you can lock your interest rate for the period shown here. Locking your rate will prevent your rate from going up before your loan closes.

Funds Needed in Reserve

To qualify for this loan, you’ll need to have this amount available (in a saving account or stocks, for example) at the time of closing.

How will you use my asset information?

We use information about your income, savings and other assets to evaluate the amount and type of loan you may qualify for.

What kind of assets should I provide?

Here are some important assets you should include:

Checking and savings accounts

Stocks and other investments

Retirement accounts

What if I have a shared account?

If you and your spouse have shared account(s), include them on this page. If your spouse has separate accounts and they will be on the loan, they can be included on the next page.

How will you use my asset information?

We use information about your income, savings and other assets to evaluate the amount and type of loan you may qualify for.

What kind of assets should I provide?

Here are some important assets you should include:

Checking and savings accounts

Stocks and other investments

Retirement accounts

What if I have a shared account?

If you have shared accounts that were included on the previous page, you don’t need to enter them again. But if your spouse has separate accounts, you can add them on this page.

How do I temporarily lift a credit freeze?

You can request a lift over the phone or online within about 15 minutes. However, credit reporting agencies legally have up to three business days to lift a freeze. Here’s the information for the credit agencies to make it easier for you to request the lift.

Equifax
This will open in a separate page.
1-800-685-1111 (NY residents: 1-800-349-9960)

You can still make changes to your loan once you’re approved. Keep in mind that your rate may change if you make adjustments to the property you want to buy, the loan amount or the loan program.

I see my solution below. What happens next?

You can customize your term and other loan options on this screen. Once you’ve adjusted your loan and are ready to move forward, click See if I’m Approved.

What are discount points?

A point (or discount point) is an upfront fee paid to the lender to lower your interest rate. Each point costs 1% of the total loan amount. For example, on a $200,000 loan, one point costs $2,000. Paying points can lower your monthly payment and help you save on interest over the life of your loan.

What are closing costs?

Closing costs are fees that are associated with buying a home. Your closing costs can include appraisal fees, title insurance, discount points and more.

What does this include?

These items include your estimated homeowners insurance premium and taxes. You’re required to pay for these in advance to ensure you always have enough money to pay for your annual property taxes and insurance premiums when they come due.

What is an escrow account?

An escrow account is a dedicated account where your money is held so we can pay your property taxes and insurance premiums on your behalf.

What is per diem interest?

Per diem interest is interest that’s accrued daily between closing and the date your first mortgage payment is due.

What is a tax proration?

This is the amount of the home’s tax responsibility that you are required to pay to the seller.

What is a tax proration credit?

This is the amount of the home’s tax responsibility that the seller is paying to you.

What is a lock period?

Once your home offer is accepted by a seller, and you sign and send us a purchase agreement, you can lock the rate for the period shown here.

What is In-House Realty?

In-House Realty is the preferred real estate partner of Quicken Loans. They can connect you with a prescreened, top-rated local agent, and they’ll work with you to ensure you’re completely satisfied with the home buying process.

How will you use my asset information?

We use information about your income, savings and other assets to evaluate the amount and type of loan you may qualify for.

What kind of assets should I provide?

Here are some important assets you should include:

Checking and savings accounts

Stocks and other investments

Retirement accounts

What if I have a shared account?

If you and your spouse have shared account(s), include them on this page. If your spouse has separate accounts and they will be on the loan, they can be included on the next page.

How will you use my asset information?

We use information about your income, savings and other assets to evaluate the amount and type of loan you may qualify for.

What kind of assets should I provide?

Here are some important assets you should include:

Checking and savings accounts

Stocks and other investments

Retirement accounts

What if I have a shared account?

If you have shared accounts that were included on the previous page, you don’t need to enter them again. But if your spouse has separate accounts, you can add them on this page.

||RateShield Approval locks your initial interest rate for up to 90 days on 30-year conventional, FHA
and VA fixed-rate purchase loan products. Your exact interest rate will depend on the date you lock your
rate. Once you submit your signed purchase agreement, we’ll compare your rate to our published rates for
that date and re-lock your interest rate at the lower of the two rates for an additional 40 to 60 days.
Quicken Loans reserves the right to cancel this offer at any time. Acceptance of this offer constitutes
the acceptance of these terms and conditions, which are subject to change at the sole discretion of
Quicken Loans. This is not a commitment to lend. Additional conditions or exclusions may apply.

*Based on a sample of Rocket Mortgage clients who met qualifying approval criteria based on specific
loan requirements and appropriate documentation available at the time of application.

**According to interest rates published on September 20, 2018, on FreddieMac.com.

Quicken Loans, Rocket Homes, Rocket Loans and Rocket HQ are separate operating subsidiaries of Rock Holdings Inc.
Each company is a separate legal entity operated and managed through its own management and governance structure
as required by its state of incorporation, and applicable legal and regulatory requirements.

We're happy to help!

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